J.P. Morgan Chase Co. may have reached a $13 billion settlement with the federal government concerning the bank’s role in the 2008 mortgage crisis, but one small detail in the agreement should have J.P. Morgan executives worried. The bank wished to insert a nonprosecution agreement, but U.S. Attorney General Eric Holder refused.
Now, it’s not just the civil settlement that J.P. Morgan has to worry about. Benjamin Wagner, the U.S. attorney for the Eastern District of California, is set to lead a criminal probe into J.P. Morgan’s activities. Activities that helped damage the U.S. housing market.